New research from Easy Offices shows London is holding steady as Europe’s leading startup economy, despite uncertainty around the consequences from the Brexit vote. The British capital is ahead of Paris and Berlin, as Europe’s epicenter for fast-growing companies. In 2017 alone, £5.3billion was invested in startups in London; heavily supported by the vibrant startup scene around East London’s Tech City.
Like new ecosystems elsewhere, the Tech City has benefited from an important trend; it has become cheaper to create startups, in part due to various technology advancements such as cloud computing and free software. However, startups in London still have one of the world’s highest startup costs, and West London in particular is home to some of the world’s costliest commercial real estate.
For those needing a more cost-effective option in London, coworking spaces tend to be far more affordable than traditional alternatives. Coworking spaces in Shoreditch, for example, were found to be 57% cheaper on average to rent than traditional office spaces. The huge growth in flexible/shared office spaces is not only the result of changes in how people work, but it reflects an important trend specific to the London economy.
At WSC, our latest coworking space located in Hoxton was chosen to address the rising demand for alternative creative work facilities following the “East London Tech City Initiative”. This initiative was launched in 2010 to attract technology companies to the area and has boomed to include thousands of businesses and more than 1 million people.
Looking forward, London’s startup scene needs the support not only of the Government, but both big businesses and SMEs to provide the technology, mobility, talent acquisition, and training that these startups need to flourish. WSC is proud to be playing a fundamental role within the coworking sector and helping London level up against their Silicon Valley counterpart and elsewhere globally. To get involved, email us at email@example.com.